捐赠粘性存在性研究——来自制造业上市公司的经验证据-《集美大学学报》（哲社版）

文章信息/Info

Title:: On the Existentiality of Donor Stickiness：Empirical Evidence from Manufacturing Listed Companies

Author(s):: ZHANG Ying-wei; HU Ming-ying; (Finance and Economics College，Jimei University,Xiamen 361021,China)

摘要:: 使用2008—2018年我国沪深A股制造业上市公司相关数据进行实证研究，发现我国制造业上市公司在营业收入下降时捐赠支出的减少幅度小于营业收入上升时捐赠支出增加的幅度，即捐赠存在显著的粘性特征。实证研究还发现产权性质对捐赠粘性产生异质性作用，体现为国有企业的捐赠支出粘性较民营企业更为显著。进一步研究发现，捐赠粘性在代理成本较高的企业中体现得更为明显。

Abstract:: Using the data of Shanghai and Shenzhen Ashare manufacturing listed companies from 2008 to 2018，we found that the decrease of donation expenditure of China’s manufacturing listed companies when their operating income decreased was less than the increase in donation expenditure when the operating income increased.That is，there was a significant sticky characteristic of donation.The empirical evidence also found that the nature of property rights had a heterogeneous effect on the stickiness of donations，which was reflected in the stickiness of donation expenditure of state-owned enterprises which was more significant than that of private enterprises.Further research found that the stickiness of donations was more evident in enterprises with higher agency costs.